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Rebalanced ITV delivers continued good growth - Interim results for the six months to 30 June 2016

Published: Wed 27 Jul 2016

Rebalanced ITV delivers continued good growth - Interim results for the six months to 30 June 2016
 
 
Rebalanced business driving another strong performance in H1
 
- Total external revenue up 11% to £1,503m (2015: £1,356m)
- Double-digit growth in total Non-NAR revenue, up 26% to £874m (2015: £693m)
- ITV Studios total revenue up 31% to £651m (2015: £496m)
- Online, Pay & Interactive revenue up 26% to £107m (2015: £85m)
- Net Advertising Revenue flat at £838m (2015: £838m)
 
Double digit growth in adjusted EBITA and EPS
 
- Adjusted EBITA up 10% to £438m (2015: £400m)
- ITV Studios adjusted EBITA up 42% to £121m (2015: £85m)
- Broadcast & Online adjusted EBITA up 1% to £317m (2015: £315m)
- Adjusted PBT up 9% to £425m (2015: £391m)
- Adjusted EPS up 10% to 8.5p (2015: 7.7p)
 
Strong balance sheet, healthy liquidity
 
- Flexibility and capacity to continue to invest across the business
- Reflecting strong cash flows and the Board’s confidence in the business, it has declared a 2.4p interim dividend, up 26%, in line with our policy
 
Outlook for 2016 and beyond
 
- ITV Studios on track to deliver double-digit total revenue and adjusted EBITA growth over the full year, primarily driven by acquisitions we have made
- Confident in delivering continued double-digit revenue growth in Online, Pay & Interactive
- ITV Family NAR expected to be down around 1% for the 9 months to the end of September and we expect to outperform the market again in 2016
- Targeting £25m of overhead cost savings for 2017
- We have a strong balance sheet and continue to see clear opportunities to invest behind the strategy in the UK and internationally.